Nonfarm payrolls data from the U.S. Bureau of Labor Statistics revealed that the United States added 311,000 jobs during the month of February. While that figure is lower than the 517,000 jobs previously reported in January, economists expect more than 225,000. The reported unemployment rate revealed that it had risen to 3.6%, the lowest level since May 1969.
What is the Risk of Recession?
Despite massive layoffs across the country, the unemployment rate has fallen surprisingly. More jobs than expected were added to the labor market in January. These changes reflect projections that the U.S. economy will not slow down anytime soon and that the Federal Reserve may continue to raise interest rates by 25 basis points, contrary to speculation that the U.S. economy will raise interest rates by 50 basis points after the last Fed Chairman’s speech in the U.S. Senate. increased.
FED SWAPS DOWNGRADE ODDS OF 50BP MARCH RATE HIKE TO UNDER 50%
— *Walter Bloomberg (@DeItaone) March 10, 2023
NEWS CONTINUES BELOW
How Has The Crypto Market Reacted?
With the announcement of non-farm employment data, markets across sectors recorded a significant price increase. Announcement, bitcoin It triggered a short-lived increase in the (BTC) price, resulting in a 1.13% increase in the last 30 minutes as opposed to a 7.42% drop over the previous 24 hours. At the time of this writing, BTC was trading at $20,037.
Ethereum price, on the other hand, is hovering around $1,407 and has lost more than 8% in the last 24 hours. The release of the data, on the other hand, created a quick reaction in the ETH price. On the other hand, leading altcoins such as XRP, BNB and DOGE also responded positively.
Also, U.S. stock index futures turned green in volatile trading following the release of employment data. Major indexes including S&P500, Dow Jones and Nasdaq 100 futures posted positive momentum.
You can follow the current price action here.